Binance launches a new DeFi farming token

  • Binance expands support for BUSD or BNB staking reward tokens.
  • Blockchain creator Neo believes Flamingo has a chance to change theexisting financial paradigm“.
  • The hype around DeFi, according to Bloomberg, has allowed the crypto market to overtake traditional.Binance users will get the opportunity to earn on a new DeFi project using BNB and BUSD staking.
    Binance platform enlisted a new coin on its LaunchpoolFlamingo (FLM). The exchange announced this on its official website.
    The coin will be available since September 27. It’s will be possible to spend BNB and BUSD on FLM token farming liquidity pools. Also, new trading pairs will become available for traders such as FLM/BTC, FLM/BNB, FLM/BUSD, and FLM/USDT.In addition to FLM, Launchpool already has Bella Protocol (BEL) and Wing (WING) tokens in the listing.

    DeFi Pandemic

    Being a Defi protocol, Flamingo was developed on top of the Neo blockchain network with the support of Neo Global Development (NGD), the execution arm of the Neo Foundation.

    Neo blockchain founder Da Hongfei believes that Flamingo’s listing on a platforms Launchpool will alter the current financial paradigm:
    Flamingo as a fully featured crosschain protocol will change the current version of DeFi.

    On the trail of network reorganization

    The Flamingo listing takes place just a couple of days after the hard fork on the Neo network. Network innovations change the mechanism for distributing the priority of transactions, increase the free threshold for launching smart contracts and limit the block size.

    Meanwhile, according to Bloomberg, it was the boom in the DeFi market that spurred the growth of the entire cryptocurrency sector, which has already overtaken the precious metals, stocks and commodities markets. In 2020, the Bloomberg Galaxy Crypto Index for digital coins is up 66%, overtaking gold by 20%.

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